Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in millions, except for ratios)
| Fiscal Year Ended | Six Months Ended | |||||||||||||||||||||||||||
| December 31, 2012 | December 31, 2013 | December 31, 2014 | December 31, 2015 | December 31, 2016 | June 30, 2016 | June 30, 2017 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax income (excluding equity income of affiliates) | $ | 100.4 | $ | 85.1 | $ | 152.1 | $ | 125.0 | $ | 149.7 | $ | 59.3 | $ | 72.4 | ||||||||||||||
Dividends received from unconsolidated joint ventures | — | 3.2 | 4.3 | 3.2 | 1.6 | — | 2.3 | |||||||||||||||||||||
Interest Expense (including the interest element of rental expense and write-off of deferred financing fees) | 104.1 | 116.9 | 100.7 | 137.8 | 156.4 | 83.2 | 76.4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Earnings + Fixed Charges | $ | 204.5 | $ | 205.2 | $ | 257.1 | $ | 266.0 | $ | 307.7 | $ | 142.5 | $ | 151.1 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest Expense (including the interest element of rental expense and write-off of deferred financing fees) | $ | 104.1 | $ | 116.9 | $ | 100.7 | $ | 137.8 | $ | 156.4 | $ | 83.2 | $ | 76.4 | ||||||||||||||
Capitalized interest | 1.2 | — | 0.7 | 1.0 | 0.5 | 0.2 | 0.3 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Fixed Charges (Including capitalized interest) | $ | 105.3 | $ | 116.9 | $ | 101.4 | $ | 138.8 | $ | 156.9 | $ | 83.4 | $ | 76.7 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratio of Earnings to Fixed Charges | 1.9x | 1.8x | 2.5x | 1.9x | 2.0x | 1.7x | 2.0x | |||||||||||||||||||||
